Investor’s Watch List: Genco Shipping & Trading Limited (NYSE:GNK)

On Friday, Genco
Shipping & Trading Limited (NYSE:GNK) shares price traded between $8.11
and $8.50 during the last trading session upbeat/downbeat
with -4.24% at $8.13. The shares recorded a trading volume 158,602
million shares as compared to its average volume of 217,772 shares. The company
has 41.66M shares outstanding and market value of 338.671M.

Maintained low daily
vessel operating expenses (“DVOE”) of $4,336 per vessel per day during FIRST
QUARTER 2018, as a result of our industry leading cost efficient structure

During 2018, DVOE was $4,379 per vessel per
day, which is below our 2018 budget without sacrificing our high safety and maintenance
standards

Our cash position as
of December 31, 2018 was $202.8M

Recorded EBITDA of
$44.4M during FIRST QUARTER 2018 and $65.3M for the full year of 2018

Adjusted EBITDA of $42.4M for FIRST QUARTER
2018, after not including a $2.0M of gain on sale of vessels2

Adjusted EBITDA of $122.9M for 2018, after not
including $56.6M for impairment of vessels assets, $4.5M for a loss on debt
extinguishment and $3.5M for gain on sale of vessels2

Entered into an
amendment to our $460M Credit Facility in February 2019 providing an additional
tranche of up to $35M to cover up to 90% of the expenses related to the
acquisition and installation of exhaust gas cleaning systems (“scrubbers”) on
our 17 Capesize vessels

Completed the sales of
a total of eight vessels as part of our fleet renewal program during 2018,
including:

The sales of five vessels during the fourth
quarter of 2018 for a cumulative gain of $2.0M

These sales were in addition to the two
vessels sold in THIRD QUARTER 2018, the Genco Surprise and Genco Progress, for
a cumulative gain of $1.5M

In January 2019, we sold the Genco Vigour,
which was our last remaining unencumbered vessel.

Financial
Review: 2018 Fourth Quarter

The Company recorded net income for the fourth quarter of 2018
of $18.3M, or $0.44 basic and diluted net earnings per share. Comparatively,
for the three months ended December 31, 2017, the Company recorded net income
of $2.6M, or $0.07 basic and diluted net earnings per share.

The Company’s revenues raised to $112.2M for the three months
ended December 31, 2018, 50% higher than the $74.9M recorded for the three
months ended December 31, 2017. The raise in revenues was primarily Because of
the employment of vessels on spot market voyage charters as well as higher spot
market rates achieved by the majority of our vessels.

The average daily time charter equivalent, or TCE, rates
obtained by the Company’s fleet was $13,237 per day for the three months ended
December 31, 2018 as contrast to $10,761 for the three months ended December
31, 2017. The raise in TCE was primarily Because of higher rates achieved by
the majority of the vessels in our fleet during the fourth quarter of 2018
versus the fourth quarter of 2017. During the fourth quarter of 2018, the
drybulk freight market remained at healthy levels despite pockets of volatility
in the middle of the quarter for Capesize vessel earnings. For the full year of
2018, the Baltic Dry Index averaged 1,353, its highest level since 2011 led by
strong global steel production and firm growth in imports of raw materials from
developing economies met with the backdrop of low net fleet growth on the
supply side. Subsequently, in the first quarter of 2019, seasonal factors such
as frontloaded new building deliveries, the Lunar New Year celebration and
weather-related disruptions hampering cargo availability have been exacerbated
by the tragic Vale dam breach, further coal restrictions in China as well as
the overhang of the U.S.-China trade dispute. All of these factors have
affected the market since the startning of the year. Nonetheless, the Company
has fixed about 85% of its FIRST QUARTER 2019 days at a fleet-wide average TCE
of $10,042.

The company has PEG ratio of 0.37 and price to cash ratio of 1.88. Net
profit margin of the firm was recorded at 3.90% and operating profit margin was
calculated at 11.40% while gross profit margin was measured as 38.10%. Beta
factor, which measures the riskiness of the security, was registered at 0.65.

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